AvStarCapital is pleased to annouce our AMA session with Saito
⏰ Time: 09:00 UTC – 6th Jan 2022
🏠 Venue: t.me/AvstarCapital
🤵♂️ Speaker : Richard Parris – Co-founder of Saito
- Can you introduce yourself to the community? What is your background and how did the team build your project?
I was born in South Africa and grew up in Australia. My crypto life started when I got into Bitcoin in Beijing back in 2013…
Back then it was kind of like getting into Linux. Strictly for geeks. I was working in tech and started hearing about this interesting new kind of network, with a coin or something in it. I ended up making lots of friends in the space and getting to know some really cool people.
I know my co-founder from back in those days. He started thinking deeply about Saito in 2017, or 16 maybe even, and asking me design questions. (I didn’t actually know what he was designing exactly at the time).
I was in the process of selling the startup I was involved in at that time, and when David ‘pitched me’ the idea of making Saito real – I didn’t take a lot of convincing.
2. How your team came up with the concept of Saito and what problems are you solving.
In 2015 disagreements started to surface in the bitcoin community about how to scale bitcoin for the future. Over time the early bitcoin community split up over block size, one of the core questions in the ‘scaling debates’. The issues in those debates are a large part of what Saito sets out to solve.
David argued the problem for scaling blockchains (while keeping them open) is baked into Proof of Work (and Proof of Stake). The challenge is not one of technical design, it’s a question of how to pay for the network to avoid the need for volunteers to run the network.
If you want scale you need to pay for it. If you want big, high capacity infrastructure, you need to pay the people providing it – you need to make ‘being the network’ profitable.
3. Who are your competitors in crypto and what’s the strategy to outperform them
Saito consensus does not have any competitors – trying to achieve what it does. So on that side we are just ourselves.
Many chains are designed to scale. Polkadot, for instance, solves scaling issues for the relay chain, but passes on all other issues to parachains, while groups like Solana and before them EOS juiced up speeds by centralizing validation.
Other sharding solutions split up the problem to push it further down the road, but lose fundamental properties like ‘universal broadcast’ – being able to send a message to anyone on the network without any help or dependence on anyone else.
4. What are the major milestones your project has achieved so far?
I think our biggest achievement as a project is having been able to get such an amazing community built around fundamental ideas.
We are also coming up on 20 million transactions on Saito networks which is no small thing.
We have developed sophisticated web 3 tools to build real, peer to peer applications simply and quickly. This formed the bulk of our recently completed web 3 grant.
Every day staring at a long todo list it’s easy to miss how much we have achieved.
5.What are your further plans for your project?
Technically we are working on our rust ‘data center ready’ client, working on tools to let developers easily integrate third party cryptocurrencies into Saito and Developers tools to make it easy to build apps for Saito.
In terms of growth, that is driven by two main things – community and collaborations. The Saito community is amazing and is spreading the word about Saito globally. It is growing in size but also commitment and passion, which makes us super happy. We are brining on community management
Integrating other cryptos into Saito – in a way similar to the way polkadot tokens are already integrated into Saito applications will allow us to engage on a deep level with projects throughout the industry and simply demonstrate the power and value of what Saito brings to them.
On top of this we will continue to communicate as much as we can about what we are doing. We are really pumped about 2022.
II. TWITTER QUESTIONS
- One thing that people are always afraid of is the famous 51% attack, could you tell us how will Saito overcome a situation like this and also give the security to its users that it won’t happen on your Network?
We love this question, obviously. 51% attacks feel like they might be inevitable in blockchain, like maybe natural something like democracy.
There are actually two reasons that PoW and PoS suffer 51% attacks. First, all the work/stake that does not ‘get used’ each block, just vanishes for the next block. The second is that the block creator gets paid for creating the block, and so can use this reward to ‘go again’ with their attack on the next block.
In Saito nodes need to collect user fees attached to transactions to make a block. When a block is made, the fees attached to other transactions, not put in the block, these are still valid ‘work’. AND, when a block is produced, one of the nodes that contributed to putting transactions into the block gets paid. Not the block creator.
Together this means, that when a node creates a block, other nodes are already have some transactions and fees for the next block so the attacker is behind the honest nodes, and, most importantly we didn’t just pay the attacker to keep attacking the network.
This is maybe in the weeds, happy to talk more about this separately for anyone interested.
2. How can Saito Network solve the Infura problem and grant users by Web3 Foundation ? What are some other killing features that make Saito stand out from other projects?
What we call ‘The Infura Problem’ is just that all the hard work that goes into making a decentralized, permissionless platform is undermined by needing to rely on a centralized provider to run the service.
In Ethereum’s case infrastructure for servicing users with blockchain data is not paid for by the consensus mechanism, so someone needs to step in and do this. In bitcoin’s case this is volunteer node operators. Both of these are volunteers.
For bitcoin this will last as long as volunteers are prepared to store the whole chain, and relies on chain capacity being kept small. In Infura’s case the will eventually need to make enough revenue to cover costs, at that point all bets are off.
Saito solves this by making sure that consensus pays the network for servicing users. No volunteers needed.
This freedom to scale means that Saito can have much more flexible transactions that can carry data and information. This eliminates the need for smart contracts and other complex development patterns needed to accomodate limited chains. This is Saito’s killer feature.
3. Can you please explain Saito Consensus in simple terms. Can u add on the other innovations that @SaitoOfficial has put forward, like Transient blockchain+ automatic transaction rebroadcasting solution?
A great way to understand Saito Consensus is to think about what blockchain users need. They don’t need hashing, or staking. They need nodes to take their transactions, get them into blocks and to share those blocks to other users.
The insight in Saito consensus is that we should not be taking users’ money and giving it to miners and stakers, we should be giving it to the nodes that are helping them, that’s the P2P network. Once you think about it, it seems obvious.
After that the question becomes clearer. How do we keep the chain secure, and open while paying for nodes. The very simple answer is that transactions track how they got into blocks. When a block is created we can inspect it, figure out who did the work to all the transactions (and their fees) into the block, and pay the network accordingly. (This is actually done via a lottery that is fair over time… if you keep helping you will win in proportion to the amount of help you give.)
The transient blockchain is similar. People say that blockchain is a permanent ledger, but is it? Fees to use blockchains go up and up over time because the nodes running the chain have to store more and more data. Either the nodes will stop doing that and the chain will collapse, or users will pay more and more for the same service.
Why should users today pay to keep previous users’ information on chain? Saito says, they shouldn’t. All transactions, old and new, should compete for space on the chain and pay their way. The transient chain just means, that every transaction coming into the block is paying for a certain amount of time on the chain. When a transactions’ time is up, it has to pay for another period on the chain or drop off.
This stops today’s users paying for yesterday’s transactions, and keeps the chain alive.
Automatic rebroadcasting is just a way of allowing for users to pay in advance for more time on chain, and making sure that consensus honours this.
There are more details on how this works and how the code makes it happen at saito.io (we are working on these docs right now). And we are always happy to talk Saito with the community for anyone who is interested in the details of how all this works.
4. I noticed that #Saito applications come with full support for Polkadot. Do you have any plans on having fully support for other blockchains too? Example BSC, that is quite popular right now because of Ethereum’s problem. If so, when will we see this? Is there any specific time?
“Web 3 Crypto integration” is a key part of our growth strategy. This work will make it simple to get started with adding support for third party cryptocurrencies into applications running on Saito.
This will give developers a fantastic way to build a whole bunch of cool things on top of Saito. From in game payments and asset transfers to NFT galleries and more.
We are actively working on and resourcing this right now. We hope to have the first collaborations using this new tech in Q1 this year.
5) Where can I currently buy your Token. What are Your current contract address? And How can I buy them. Is it available on any exchange and what are the benefits?
https://saito.io/#get_saito has links to general information on CEX and DEX options.
Our blog has more information at:
https://org.saito.tech/saito-ido-guide/ (Uniswap) and
These pages have our contract address – always check the contract address and pair info on our blog to make sure you have the correct information.
III. LIVE QUESTIONS
1. What’s your main focus right now, are you focused on the community or market/Exchange or the products?
Community growth and products create a market…
2. Your project name seems to be very interesting. Does it have any story behind it? Can you share us with the inspiron for approaching to this name?
If you read the whitepaper and other documents you will see that there are many references to the movie…Do the token holders have the right to participate in the governance of the project? What kind of decisions can they vote on about the project?Saito is all about removing governance, or the need for governance at the lowest level.Consensus mechanisms should not be able to be swayed or influenced and should remain fair no matter what. So – governance is great for a DAO but not for us.
3. How can users stay up to date with this project? Are there channels, including local communities, where users can get the latest updates?
@SaitoIO (our main TG channel) and @SaitoIOann (our announcements channel are the best places for TG folks to stay in touch.
4. Partnership is always an important factor for every project. So who is your partner? What are the benefits you get from those relatiionships?
Partnerships are fantastic. We have some great partners like Crust, StackOS, Elrong and Mixin…
The best thing about partnerships it that quality projects have great communities. Those are a great audience for our ideas…